Bill Text: NY S03221 | 2019-2020 | General Assembly | Introduced

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Bill Title: Directs the department of financial services to establish an internet website for comparison of federal home equity conversion reverse mortgage products offered in the state.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Vetoed) 2019-12-06 - tabled [S03221 Detail]

Download: New_York-2019-S03221-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3221
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 4, 2019
                                       ___________
        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Judiciary
        AN ACT to amend the real property law,  in  relation  to  directing  the
          department  of financial services to establish an internet website for
          federal home equity conversion mortgage product comparison
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  real property law is amended by adding a new section
     2  280-b to read as follows:
     3    § 280-b. Federal home equity conversion mortgage  comparison  website.
     4  1.  For the purposes of this section, the following terms shall have the
     5  following meanings:
     6    (a) Reverse mortgage loan. A  reverse  mortgage  loan  as  defined  in
     7  section two hundred eighty of this article, which is issued in the state
     8  pursuant  to  the  home  equity  conversion mortgage for seniors program
     9  operated by the federal Department of Housing and Urban Development.
    10    (b) Authorized lender. An authorized lender as defined in section  two
    11  hundred  eighty  of  this  article  authorized  to make reverse mortgage
    12  loans, as defined in this section.
    13    (c) Department.  The  department  of  financial  services  established
    14  pursuant to section one hundred two of the financial services law.
    15    2. The department shall establish and operate a home equity conversion
    16  mortgage  comparison  website. Such website shall provide information to
    17  potential consumers of reverse mortgage loans, including information and
    18  comparisons on reverse mortgage loan products so as to  allow  consumers
    19  to  make  educated choices as to which authorized lenders offer the best
    20  services, terms and value based on a variety of financial circumstances.
    21  The department shall ensure that the website allows consumers to compare
    22  the cost, rate and service features of reverse mortgage loan products.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00900-02-9
        S. 3221                             2
     1    3. An authorized lender may submit information on its reverse mortgage
     2  loan products to the department for inclusion on  the  internet  website
     3  established pursuant to this section, if:
     4    (a) the authorized lender submits complete reverse mortgage loan pric-
     5  es to the department;
     6    (b)  the authorized lender submits all factors relating to the reverse
     7  mortgage loans affecting future rate adjustments which may impact future
     8  debt, borrower equity or lines of credit;
     9    (c) the prices and costs provided to the  department  are  as  low  or
    10  lower  than those offered under any other circumstances for a particular
    11  product; and
    12    (d) the authorized lender submits such fee, as shall be determined  by
    13  the department, for the publication of information on the website.
    14    § 2. This act shall take effect on the one hundred eightieth day after
    15  it  shall have become a law. Effective immediately, the addition, amend-
    16  ment and/or repeal of any rule or regulation necessary for the implemen-
    17  tation of this act on its effective date are authorized to be  made  and
    18  completed on or before such effective date.